I believe we will see something like this. A stop hunt at the top of the range, followed by the real capitulation all the way down to 23 - 20k. My thoughts though
Imo, it's bullish in the short term. It's just not possible for it to still drop after so much selling. With eight straight weeks of selling, MACD, RSI, Momentum indicators, and much more showing that BTC is bullish, I don't believe that it's going straight to 18k or 10k at this point. Thank you for the post! Please check out my post:
TheSignalyst
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@CTDave, that's it Dave. now I know what you mean by your comment on KucoinS ;) glad to hear from you here too!
UnknownUnicorn39357899
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I believe I speak for most traders when I state I hope the bulls will take over however, I don't see it (winter might just be here). From all current news, posts and insights (also opinions to a degree) the current fundamentals and macroeconomics are making it a lot easier for those bears to take over at this point in time along with this length on consolidation.
Your technicals are amazing and I'm scared of an aggressive trend continuation as depicted in scenario 2. Based on previous market patterns, trends and Hx, a bear market will help consolidate and correct cryptocurrencies which will only strengthen BTC in the long run. I see both the positives and negatives.
These low prices are making us hurt and while a definition of bear is to: "endure (an ordeal or difficulty)" I am approaching with a different mindset: Audentis Fortuna iuvat ("Fortune favours the bold").
Even though I believe this trend could continue for a significant amount of time no matter the case as investors I hope we can all capitalise together the next time the bulls take over.
TheSignalyst
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@mjpprivate, thank you for taking the time to share your thoughts! I totally agree; since we are overall bearish, chances are that the bears will remain in control... and as you mentioned last, it would be a good opportunity to capitalize more around each rejection zone like 20k and 10k zones.
I believe we will see something like this. A stop hunt at the top of the range, followed by the real capitulation all the way down to 23 - 20k. My thoughts though